By Brian Bandell – Senior Reporter,
South Florida Business Journal;
Eastwind Development Group has taken over and redesigned the first major apartment project planned in the Warehouse District of West Palm Beach. Located on the outskirts of downtown, the collection of warehouses along Clare Avenue and Elizabeth Avenue is transitioning from industrial use to dining and entertainment.
In December, a group of six buildings housing a food hall, a brewery, retail and co-working space in the district sold for $18.5 million.
John “Jack” F. Weir, president of Palm Beach Gardens-based Eastwind Development, said he likes what’s going on in the West Palm Beach Warehouse District, as it reminds him of the Wynwood Arts District in Miami and 12 South near Nashville. When an opportunity became available in the neighborhood, he jumped on it.
“The missing piece has really been residential in this area,” Weir said.; Developers Peter Cummings and Julie F. Cummings had the 5.53-acre site at 1630, 1710, 1940 and 1980 Clare Ave. under contract from Murphy Construction Co. and Jamco Inc.
The property currently has 55,519 square feet of warehouses. The Cummings’ successfully rezoned the property for apartments with ground-floor retail in 2018. It had a cube block design. A broker approached Eastwind Development in fall 2018 and said the Cummings wanted to sell their contract on the property, Weir said. Eastwind Development acquired the deal from them for enough money to cover the Cummings expenses, plus a bit extra, Weir said.
Now, Eastwind Development has filed an amended site plan for the project with a new design and the same density, called District Flats. The project would have 178 apartments and 2,700 square feet of commercial space in buildings of three and four stories.
A parking garage would be placed in between the two buildings. The Cummings’ design had apartments surrounding the garage, but Weir said it was more economically feasible to have mesh walls around the garage so it had better ventilation.
“We wanted something that had a little bit of restored warehouse look but was also a little more finished,” Weir said.
The developer pledged to make 36 of the apartments there workforce housing, with rents set for households earning no more than 140 percent of median income. Units would range from 550 to 1,000 square feet. There would be 26 studios, 86 units with one bedroom, 18 units with one bedroom and a den, and 48 units with two bedrooms.
The amenities would include an interior pool courtyard with cabanas, a garden courtyard, a dog park and a public art park on the south side of the project.; As for the commercial space, Weir would like to see a coffee roasting company there. There would also be 1,000 square feet of outdoor seating.
District Flats was designed by MSA Architects.
Weir expects his new site plan to go before the city Planning Commission in February and the City Commission in March. He hopes to break ground this summer.
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Vice President of Asset Management at Eastwind Development LLC
Eastwind Development, LLC, a developer of multifamily rental housing based in Palm Beach Gardens, has promoted Stephanie Miller to Vice President of Asset Management, effective as of January 1, 2019. Ms. Miller joined the company in 2015 and has served as Director of Asset Management for the last four years, overseeing the Eastwind portfolio and supervising the property management companies retained by the company.
Read the Full Article Here: BizJournals.com
Eastwind Development has promised Palm Beach Gardens officials that if they allow 136 apartments, 14 will be rented at rates that police, firefighters, teachers and nurses can afford.
PALM BEACH GARDENS — A Palm Beach Gardens developer wants to build apartments on land once slated for a six-story office building.
The question is how many apartments Eastwind Development will be allowed to build in City Centre, a commercial development at the corner of PGA Boulevard and Ellison Wilson Road. Right now, the number is zero.
If the city council makes changes to allow a mix of residential and commercial development, the developer could build 95 apartments, Palm Beach Gardens Planning & Zoning Director Natalie Crowley said.
But the developer is hoping to build 136 apartments in the planned Solera at City Centre because he’s promised to include 14 that police officers, firefighters, teachers and government employees can afford.
It’s up to the city council whether to approve the additional apartments on the 3-acre parcel in the southwest corner of City Centre, which also is home to Twisted Trunk Brewing, Sara’s Kitchen and PNC Bank. City Centre is roughly 14 acres.
Eastwind Development President Jack Weir said he wants this to become a template for developers in northern Palm Beach County and the county as a whole. He’s also trying to show investors that projects with workforce housing, also called essential services housing, make less risky investments. Tenants rent them out faster and stay longer, he said.
“It contributes to the health of the community when people can live near where they work, where their children go to school, where they shop,” said Weir, who also is a board member of the Housing Leadership Council of Palm Beach County, a nonprofit organization that works on housing affordability issues.
It also benefits Business Development Board officials to have a variety of housing options when they’re trying to attract new businesses to Palm Beach County, Weir said.
City Centre is across from an unincorporated pocket where county officials approved 70 yet-to-be-built condos along the Intracoastal Waterway.
The Solera at City Centre apartments would generate less traffic than the commercial development approved for the site, which has been vacant for more than 20 years, according to the developer’s application. The city approved a 57,300-square-foot office building, but it was never built.
The apartments would range from 700 square feet for a one-bedroom to 1,250 square feet for a three-bedroom. Most would be one or two bedrooms. All would have 9-foot ceilings, tile and wood plank flooring, stainless steel appliances, granite countertops and conservation features to slash utility bills.
Eastwind plans to rent the apartments for working people for $1,525 to $1,775 a month, according to the development application. The rental rates will float, but the goal is to keep them $100 to $150 below the market rate for one-bedroom apartments and $200 to $250 below the going rate for the two-bedroom apartments, Weir said.
Eastwind put the property under contract in July. Weir said a confidentiality agreement prevented him from disclosing the sale price because the deal with City Centre Associates had not closed.
Although the City Centre isn’t within a quarter-mile radius of the future Tri-Rail station where experts have encouraged workforce housing, it is in a Palm Tran service area, Crowley said. It’s also within walking distance of grocery stores, restaurants and shops.
“We really like this location,” he said. “One of the things that we look for is walkability.”
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One of the busiest multifamily developers in Kissimmee’s LOOP/Tupperware submarket has sold an active-adult apartment complex to a national real estate investment firm for $29.5 million.
Palm Beach Gardens-based Eastwind Development and co-developer Index Investment Group built the four-story, class A Monterey Pointe community in 2016 just off John Young Parkway, south of Hunter’s Creek. Eastwind Vice President Ron Roan told GrowthSpotter the age-restricted community was 98 percent occupied at time of sale.
“There was an extremely strong response in the market for this property,” Roan said. “It was very sought-after, both for groups that specialize in senior housing and other apartment investors.”
Two Kissimmee apartment complexes sell for combined $90M
Eastwind built the 150-unit complex shortly after completing Sonoma Pointe, also located in the LOOP submarket. It sold Sonoma Pointe last summer for $40 million.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill brokered the Monterey Pointe sale and represented both seller and buyer.
Washington D.C.-based The Carlyle Group ,which also has multifamily investments in Orlando’s Ravaudage community, purchased the asset through one of its real estate funds.
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 multi-manager investment funds. That includes six funds focused on U.S.-based real estate assets like this.
UPDATED: Eastwind closes on Phase 1 apts site near Tupperware SunRail, plans new unit type
Eastwind breaks ground this month on Phase 1 of San Mateo Crossing, its first Transit-Oriented Development complex across from the Tupperware SunRail station. All three of the development sites were purchased from Tupperware subsidiary Deerfield Land Corp.
“We feel like it’s a very desirable location in the Orlando market,” Roan said. “We’ve been fortunate to forge a good relationship with Tupperware, the seller on all three of the properties.”
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The company arranged the financing for the development of San Mateo Crossing on behalf of a private, Miami-based family office, which will serve as co-general partner in the project.
Aztec Group Inc. Director Sean Harrington, Managing Director Jason Shapiro and Managing Director Peter Mekras—who only joined the company late last year—have secured $8.9 million in joint venture equity for the development of San Mateo Crossing, a two-phase, market-rate rental community in Orlando, Fla., on behalf of a private, Miami-based family office, which will serve as co-general partner in the project.According to Aztec Group Inc., the first phase of development will comprise more than 200 units and will spread across a 14-acre site. Eastwind Development LLC will be developing San Mateo Crossing.
The property will be located near the SunRail Tupperware commuter train station at 3205 Orange Ave. Best Food Market, Axiom Bank, Christ Dominion Church, Western Union, Frontline Outreach Center, Mount Sinai Junior Academy and Walmart Neighborhood Market are all located nearby.
“Orlando’s multifamily real estate market is booming right now as exceptional job and population growth are making it one of the fastest growing cities in the country,” said Harrington in prepared remarks. “We will only continue to see more private investors and developers expand into this market with new multi-family product that meets the community’s housing needs.”
Image courtesy of Aztec Group Inc.
Eastwind Development LLC and Index Investment Group sold the 216-unit Sonoma Pointe apartments at 130 Santa Rosa Dr. in Kissimmee, FL for $40 million, or approximately $185,000 per unit, to Bluerock Real Estate LLC.
The 214,260-square-foot multifamily community consists of one-, two- and three-bedroom units in nine buildings. It was constructed in 2015 in the Osceola County submarket and was 94 percent occupied at time of sale.
Marc deBaptiste, Richard Donnellan, Kevin Judd, Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers. The buyer handled the sale in-house.
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American Landmark just acquired the 184-unit High Ridge Landing apartments in Boynton Beach for $41.9 million.
The seller is High Ridge Housing LLC, a subsidiary of Eastwind Development, which purchased the land to build the complex for $2.5 million in 2014. It built the complex at 3609 High Ridge Way in 2017.
American Landmark paid $227,727 per unit. It will spend $500,000 on upgrades, including improvements to the clubhouse, the pool area and upgrades to the fitness center and landscaping, according to a release.
High Ridge Landing’s apartments range from one to three bedrooms. Amenities include a yoga and spin studio, pool, auto charging stations, fitness center and business center.
The deal marks the third acquisition of the year for American Landmark. In South Florida, it also owns and operates Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.
American Landmark and Electra America, its debt and equity partner, plan to close $1.5 billion in multifamily deals in 2018 throughout the Southeast, according to the release.
Electra America is the American subsidiary of Israel’s Electra Real Estate, which is publicly traded on the Tel Aviv stock market. In late 2016, the company merged with Robbins Property to form Robbins Electra. The firm specializes in value-add and distressed properties, and has bought and sold more than 100,000 apartments since 1996.Read More >>
Cushman & Wakefield has arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community in Jupiter, Fla. Pleasant Valley Market Place LLC acquired the property for $26.8 million.
Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments LLC, sold the residential asset in a 1031 exchange deal. Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard led C&W’s South Florida institutional multifamily team that negotiated the transaction.
NEWLY BUILT UNITS
Located at 1026 S. U.S. Highway 1, Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings, with one-, two- and three-bedroom units averaging 1,123 square feet. Amenities include a 3,500-square-foot clubhouse between the buildings with a swimming pool and fitness center. The units feature high-end finishes, stainless steel kitchen appliances, washer/dryers, granite countertops and vinyl plank flooring. Completed in 2014, the community is currently stabilized with 95 percent occupancy and an average rent of $1.76 per square foot.
“The property received a significant amount of investor interest from a broad cross-section of potential buyers due to its location, vintage and size,” said Weaver, in prepared remarks. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements,” he added.
Image courtesy of Cushman & Wakefield
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Eastwind Development is putting its 48-unit Little Torch Cottages rental community on the market next week, Cushman & Wakefield said.
The complex, which opened in 2014, sits on the eponymous Lower Keys island of Little Torch Key at 28501 Channel View Drive. Its 3.7 acres include 400 feet of shoreline along the Big Pine Channel, which separates the eastern edge of Little Torch from the western edge of the much larger Big Pine Key, near mile marker 28.5 of the Overseas Highway.
Listing broker Calum Weaver, a Cushman & Wakefield senior vice president, told The Real Deal that the Little Torch Cottages listing would be published without an asking price. But he estimated that the complex would sell for about $20 million.
“It’s the newest rental building on the market in the Keys, simple as that,” Weaver said. “Waterfront. Has a marina. It’s in excellent condition.”
Little Torch Cottages is composed of 24 three-story duplexes, each built in the wooden Bahamian conch style that is common in Key West. The buildings are elevated above a carport and contain two levels of living space. Each unit has two bedrooms and two-and-a-half baths with 1,081 square feet on average, Cushman & Wakefield said.
All units have impact glass designed to handle winds of up to 180 mph, as well as at least one porch.
Amenities at Little Torch Cottages include the 14-slip marina, two pools, a fitness center and a 3,500-square-foot clubhouse. The average rent is $2,688 per month and all but two of the units are currently occupied with 12-month leases, according to Cushman & Wakefield.
Eastwind Development purchased the site in Dec. 2012 for $3.25 million, Monroe County records show. The Monroe County Property Appraiser’s Office assessed the property at $10.4 million in 2016.
Within the Keys, Palm Beach Gardens-based Eastwind is also the developer of the 106-unit Tarpon Harbour community in Marathon.
Founded in 2007, Eastwind has also built or is working on market-rate rental projects in Pembroke Pines, Lantana, Jupiter, Orlando and Boynton Beach, according to the company’s website.
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Click the image below to read the full article from Modern Home Builder Magazine Spring 2017.Read More >>